Minoan Share Discussion Threads

[microscope] 21/9/2018 14:39

I take your point Nick, that they may not choose to clear it by June, but it is still debt to be paid at some stage and currently nowt to pay it with. They'll have to cough up at some point and the longer it remains in place, the less attractive the company might look to potential partners.

[nick2412] 21/9/2018 14:21

Microscope, that is already refinanced for 18 months with 10% interest under the revised agreement with Zachery. They may seek to clear it at a less dilutive time. It wouldn't make sense for them to do a funding for that now.

[head gardener] 21/9/2018 14:15

When the first concrete is poured at CS,I hope our CEO is in it!

[microscope] 21/9/2018 14:14

Waterloo I think your 500k is unrealistic. It seems from my reading they still owe 900k on the T and L sale.The next stage is still anyone's guess how it might unfold.

[pj 1] 21/9/2018 12:55

Remember strictly speaking they are insolvent. If I was a supplier I'd be making sure any future invoices would be covered, in the event things didn't turn out as planned.

[nick2412] 21/9/2018 12:11

PJ, if they were in formal negotiations involving legals with a prospective partner for CD they would have to announce as such. Inevitably the share price would respond favourably and fees covered with a fund raise with little dilution or debt on better terms.

I hope they do sell the company / Loyalward rather than partner. I can see that a MIN unencumbered with travel will make the process easier and more attractive to a potential purchaser. Without the substantive loan hanging over the Company then MIN will be in a stronger negotiating position. The ideal scenario is if there is competing interest for the asset.

[waterloo01] 21/9/2018 12:08

PJ, if it gets to legals I'd be delighted as it means deals are being done. Given the size and timescale of the investment needed, any suitor is much more likely to buy the company and probably keep CE in gravy for years to come in some consultancy role.

[pj 1] 21/9/2018 11:58

waterloo, don't forget the legals, those fees could be mind blowing and have to be paid by someone even if prospective partners or suitors drop out


I would suspect negotiations would not be with just one developer but a number, which again increases costs.

[waterloo01] 21/9/2018 11:54

I can't disagree with much or any of the above posts, however I recon they will only need around £500k to see them through till mid 2019. It's now only the cost of a serviced office, 50% of CE wages, Bill and maybe one other plus listing costs.

This is really not a great deal and should be fairly easily raised. It's highly unlikely to be lower than 3.5p given the effect on the repriced warrants and would be bolstered if CE also bought shares.

Post T&L I think they have 6 months to pull any deals together/sell the company. (As I understand the contract doesn't allow for more than 50% sale of the asset without permission, but that doesn't stop the company ownership changing hands, as long as the company (loyalward) continues.

So while it is all very disappointing for all the reasons we've discussed here, I still see a decent upside from the 4p range so won't be selling and have added a few under 4p.

[pj 1] 21/9/2018 11:01

head gardener
21 Sep '18 - 10:18 - 487 of 491Moderate | Ban
0 0 0
Why would you want to spend time and money on a loss making asset, which still has to prove it is a viable business.
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Why would a piffling £6m business get in the way of a £50m to £80m investment/ transaction with the potential to generate £10m's of profit year after year after year for 30 years, paying dividends and appreciating as property prices rise over time, in one of the most beautiful places in the World.


DiD Manchester City having one crock of a player prevent their current owners buying the Club and investing £100's millions to win trophies. Off course it didn't. Stewarts is just a smoke screen in that sense

All IMO

[microscope] 21/9/2018 10:49

Not heard Winny's comments but from what's been reported on here he has said risks remain. But many of these risks have been apparent to most of us on here for months/years. Has he really only just spotted them?

[justjill] 21/9/2018 10:35

Looks like a delayed buy gone in to turn the share price Let's hope that was the bottom.

[fireplace22] 21/9/2018 10:34

Why, if the SC asset is so valuable has it not been snapped up already and T&L disposed of to a third party.

[colinzeal] 21/9/2018 10:29

"what developer would want to be involved with a loss making entity..." Or indeed the current Board who have acheived nothing for their shareholders in years and who are grossly incompetent.

[head gardener] 21/9/2018 10:18

Why would you want to spend time and money on a loss making asset, which still has to prove it is a viable business.

[pj 1] 21/9/2018 09:57

I don't buy into that. You could argue T&L is being given away on the cheap, with hidden synergies. IF Crete is worth say £50m even, why would Stewarts stand in the way of that? Sorry, but it wouldn't. Any serious predator would look to maximise both imo

[head gardener] 21/9/2018 09:50

A crumb of comfort, marked down 11% but no large scale selling today. When T&L is sold, we must be prey to an approach, what developer would want to be involved with a loss making entity.

[justjill] 21/9/2018 09:42

Lots could happen in next few weeks.

Any predator would have to move before the meeting on 8th October, otherwise T+L will be gone and ZAK will have a significant portion of the company on the cheap.

Wonder will directors buy any now to up their holdings for the meeting. At moment they have very little leverage on any vote. Not closed period so noting blocking them.

[pj 1] 21/9/2018 09:42

If the Directors are that confident then they would take deferred remuneration and put some of the £millions they have paid themselves over the years back in temporarily until The Project completes. It cant cost that much to sit and talk around a table surely?


The Market is pricing in the fact they have not offered this, and want the placing route. All IMO


If they have taken £4m of our funds since 2012, then how much have they taken since floating, x4 so say £18/20 million? Total guess. Yet they don't see fit to support the Company financially? Something isn't right there is it?


Are 'expenses' included in remuneration? It's starting to look like another SPL(MPL) Director wise

[fireplace22] 21/9/2018 09:29

A placing/refinancing at whatever price would buy the company time and put it in a better position to negotiate CS. Currently we must be at our most vulnerable to a take over?

[jamdan1] 21/9/2018 09:21

Well..I'm out couldn't afford to lose anymore money. Very poorly run company who obviously only look after themselves. Can only see a placing in the not too distant future which will only drag the shp down further. Good luck everyone one

[waterloo01] 21/9/2018 09:06

How much cash do they need post T&L sale to keep running while they find/close an investment in CS, given the move of many with T&L and CS reducing salary?

[pj 1] 21/9/2018 09:02

atlantic. You are not alone. Due to capitulation of the share price many Investors are now targeting break even as being realistic, and prepared to reduce risk by not targeting any profit.

Its a perverse yet common situation where long standing supportive share holders may not see a return, for a number of reasons, yet short term traders will prob run away with profits, once/if funding is secured